Crude oil slumps, Asian energy stocks follow suit

SINGAPORE (Reuters) - Crude oil prices retreated from a 32-month high on concerns the spurt in fuel costs may threaten the nascent global economic recovery, dragging down Asian resource-related stocks in early trade on Tuesday.

The yen and U.S. dollar found some reprieve as demand for red-hot commodity currencies like the Australian dollar waned, but dovish comments from Federal Reserve officials may limit the greenback's upside potential.

Stocks in the U.S. and Europe (Chicago Options: ^REURTRUSD -news) fell, tracking the decline in crude oil, while the onset of the earning season on Wall Street has led to some nervousness among investors.

Brent crude for May fell more than 1 percent to $122.66 a barrel after reaching a 32-month peak of $127.02 on Monday. Brent slumped as low as $123 in post-settlement trading.

U.S. crude fell to $108.45, pulling back after reaching an early $113.46 peak, the highest intraday price since September 2008. U.S. crude fell more than $4 to $108.68 in post-settlement trading.

Tokyo's Nikkei (Osaka: ^N225 - news) share average fell 1.5 percent to 9,572.85 while South Korea's Composite Stock Price Index (KOSPI) was down 0.7 percent ahead of a rate decision.

The euro retreated from Friday's 15-month high around $1.4485 to $1.4425, but traders say the January high of $1.4582 remains in play. The Australian dollar was at $1.0477, off a 29-year peak of $1.0585 set Friday.

(Source: http://uk.finance.yahoo.com/news/Crude-oil-slumps-Asian-energy-reuters_molt-4003375942.html?x=0)